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Thursday, January 9, 2014

Industrial chocolate big earner for Guan Chong

JOHOR BAHARU (Jan 9): Guan Chong Berhad (GCB), one of the world'slargest cocoa processors, is confident that its industrial chocolatesegment will be a new and potentially substantial revenue earner for thegroup.

Managing director Brandon Tay said the projection is based on growingdemand for chocolate globally, which in turn has driven demand for cocoa.

He cited the recently-released report by Euromonitor International whichpointed to a growing appetite for chocolate, with global sales expectedto gain by two per cent annually for the next two years.

"This industrial chocolate segment represents a new andpotentially-substantial revenue stream for the Group, with full yearcontributions in this financial year ending December 2014," he said.

Tay told reporters this after the launch of GCB's new industrialchocolate plant at the Port of Tanjung Pelepas (PTP) here today, by theMenteri Besar Datuk Seri Mohamed Khaled Nordin.

He said the emerging markets presented the highest growth potential,with chocolate demand in China alone expected to grow 11 per centper-year until 2018, in view of the increasing affluence and consumersophistication.

"Chocolate consumption in Brazil and India will also registerdouble-digit growth in the similar time frame.

"By 2020 Asia is set to become the world's largest chocolate-consumingregion," Tay added.

On GCB's industrial chocolate manufacturing facility located at the PTP,he said the RM55 million plant will help the group meet growinginternational demand for industrial chocolate.

The facility he added, is a natural progression for GCB to furthercement its position in the chocolate industry, and strategicallyposition it as a complete cocoa ingredient supplier for global consumers.

GCB said Tay, intends to increase the facility's annual productioncapacity to 10,000 metric tonnes in the first phase.

The plant is capable of producing 50,000 metric tonnes of industrialchocolate per annum.